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TACIT COLLUSION: Seemingly independent, but parallel actions among competing firms (mostly oligopolistic firms) in an industry that achieve higher prices and profits, much as if guided by an explicit collusion agreement. Also termed implicit collusion, the distinguishing feature of tacit collusion is the lack of any explicit agreement. They key is that each firm seems to be acting independently, perhaps each responding to the same market conditions, but the end result is the same as an explicit agreement. This should be contrasted with explicit or overt collusion that does involve a formal, explicit agreement.

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Lesson 18: Banking | Unit 1: What It Is Page: 1 of 24

Topic: Banking <=PAGE BACK | PAGE NEXT=>

The primary profit-motivating task of a bank is to match up borrowers and savers.

Two main functions:

  • First: Banks maintain deposits for costumers.
  • Second: Banks offer loans to credit-worthy customers.

Banks and the money supply:

  • Banks are financial intermediaries.
  • Banks must remain stable because their deposits are part of the economy's money supply.
  • Closing down a bank would be detrimental to the money supply.

Regulation:

  • Banks are heavily regulated by government.

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PUBLIC CHOICE

The study of collective decisions made by groups of individuals, especially those decisions made by government organizations. As the name suggests, public choice is primarily the study of how choices (decisions) are made by the public (government) sector. Such choices are made, in principle, on behalf of the public or all members of society, to correct market failures or imperfections in the private sector. However, in that the world is imperfect on all fronts, the government sector also comes up short in many cases, with inefficient imperfections due to election seeking politicians, ignorant and abstaining voters, special interest groups, and government bureaucracies.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius looking to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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The average bank teller loses about $250 every year.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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